Research On The Decision And Application Of Natural Gas Resource Investment From The Visual Angle Of Real Option

With the constructions of " West-East pipeline", " Sichuan-East pipeline", "Sea-gas pipeline" and a number of large natural gas projects, China has enlarged investments in natural gas infrastructure construction, City-gas pipeline network and some other public utilities industry were also made open to private and foreign capital. Natural gas as a clean, efficient energy becomes more widely accepted and used by people, the natural gas industry embraces the unprecedented opportunities for development. But the opportunities are always accompanied by the problems arising, natural gas projects often have high uncertain and high risk, the traditional economic evaluation methods can not effectively evaluate the project and make investment decision. How to use the real option approach, uncertainty theory and modern investment theory to research the investment decision of the natural gas projects turned into an interesting topic. It can enhance the management capabilities of project investment decision-making in natural gas enterprises, help the companies to solve the problems from the uncertainties and risks, and ensure the project going well.The thesis is themed by the research of natural gas investment decision. Firstly described the analysis methods of real options theory, then compared with the traditional investment methods, and indicated some limitations and shortcomings of the traditional methods. Secondly used the investment decisions of the natural gas resources as the carrier, aimed at the characteristics of natural gas resources investment, put the real option theory into the natural gas investment decision making, established the real options analysis framework of the natural gas projects investment decisions .And used the cases to analyze the framework, then proved that the flexible management can raise the value of natural gas projects. The thesis discusses the natural gas projects investment decision-making and application from the view of real option theory, it provides a feasible method and tools for the natural gas enterprises to make investment decision.